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CXMT Q3 收入上升 613% 作为 DRAM 短缺周转给利润
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常新科技集团，上海上市的DRAM制造者简称CXMT,2026年10月30日报道，2026年第三季度收入1187.1亿元人民币，季报中印报的年均增长613.18%，股东净利润54.43亿元人民币。
本季度可归属于股东的净利润为54,434,826,547.23元人民币；扣除非经常性项目后为55,237,118,776.16元人民币，印数上升4,070.56%，报告标注了不适用的未调整的可归属利润项目跨年变动。 该季度基本每股收益为人民币0.8376元，加权平均股本收益率为26.74%. 总利润为99,041,551,750.11元人民币。 按顺序计算，称公司第三季度收入比上季度增长约19.30%，净利润总额约889.8亿元人民币，增长约19.38%，总比值约89.53%，比上季度增长约1.94个百分点。
九月成果和现金流量
2026年前9个月收入为269,024,106,510.18元人民币，印数上升738.51%，而2025年同期收入为32,083,668,103.24元人民币。 股东应得净利润为132,040,054,067.23元人民币，比上年损失5,279,974,921.47元人民币，包括少数民族权益在内的净利润总额为196,532,288,837.68元人民币。 每股9个月基本收入为2.1369元人民币。
经营活动产生的现金净额为254 751 254 805.69元人民币，印数上升1 864.52%，报告增加的主要原因是产品销售收到的现金增加。 研发投资9个月共11,070,998,856.61元，增长73.03%，季度共4,211,514,375.97元，增长53.83%；研发支出占9个月收入的4.12%，下降15.82个百分点。 报告指出，新产品发布和客户介绍在此期间取得了进展，若干DRAM产品在多个计算平台上完成了验证。
2026年9月30日总资产672,535,210,198.62元人民币，比2025年底增长99.69%，股东股本为256,876,312,185.38元人民币，增长352.62%. 货币基金为人民币285,164,795,853.74元。 公司报告期末普通股东794,770人。
报告 Cites DRAM 作为收入驱动器的短缺
报告将收入增加归因于全球主要记忆供应商加速了全球计算基础设施的建设和能力限制，条件是称使DRAM产品在世界范围内供应不足；将称公司的能力建设和产品混合优化归档，然后提高了销售量和销售价格。 为盈利起见，报告提到，在供应短缺、装运量增加和单位成本下降的情况下，DRAM价格继续上涨，因为规模效应已经实现，加之总差值上升。
公司公布了2026年10月17日的自愿预告收入，预测9个月收入为2650亿元人民币至270亿元人民币，可归属净利润为1310亿元人民币至1325亿元人民币，其当时描述的数字是初步的，未经审计。 这说明自2025年下半年以来AI计算需求的称快速增长解除了全球DRAM产业，使产品供应不足，价格急剧上涨，而融资公司则生产了Wafer 单元并使用了产能。 该通知记录了2025年头九个月的收入320.84亿元人民币，可归属净损失52.8亿元人民币。
董事会批准人民币 1 - 2亿回购计划
称公司董事会在一份配套公告中批准了通过集中招标回购10亿元人民币至20亿元人民币股票的计划，由公司自有或自有融资基金出资，每股不超过72.69元人民币。 公告称，价格上限等于董事会决议前30个交易日股票平均交易价格的150%.
约一半的回购金额指定用于股权激励或员工股票所有制计划，约一半用于注销以减少注册资本。 在价格上限下，该计划将涵盖约1 376万至2 751万股，相当于总股本的0.02%至0.04%。 必须在股东批准后12个月内开始执行，只有在股票上市6个月后才开始执行；计划仍然需要股东投票。
计划采纳了董事长朱一明于2026年10月16日收到的建议。 公告称，截至2026年9月30日，根据未经审计的数字，20亿元人民币的最高金额约占公司总资产的0.30%，可归属股东的净资产的0.78%，以及货币资金的0.70%.
减值收费和11月收入呼叫
单项公告记录了2026年头9个月的减值损失人民币920,820,520.75元，将9个月的利润总额减少同样数额。 手续费包括信用减值38,016,457.21元人民币和资产减值882,804,063.54元人民币，后者分为存货减记470,392,194.57元人民币，在建工程为297,435,454.89元人民币，固定资产为114,976,414.08元人民币。 减值数字未经审计。
公司将于2026年11月17日下午3:00至4:00举行第三季度收益展示会，根据会议通知，作为上海证券交易所路展平台的在线文本会话。 投资者可自11月10日起提前至2026年11月16日16:00提出问题，通知中称总经理和其他高管将出席。
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AI Models & Platforms
CXMT Q3 Revenue Rises 613% as DRAM Shortage Swings It to Profit
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ChangXin Technology Group, the Shanghai-listed DRAM maker known as CXMT, reported third-quarter 2026 revenue of RMB 118.71 billion on October 30, 2026, a 613.18% year-over-year increase as printed in its quarterly report, with net profit attributable to shareholders of RMB 54.43 billion.
Net profit attributable to shareholders was RMB 54,434,826,547.23 for the quarter; after deducting non-recurring items it was RMB 55,237,118,776.16, up 4,070.56% as printed, while the report marks the year-over-year change for the unadjusted attributable-profit line as not applicable. Basic earnings per share were RMB 0.8376 for the quarter, and weighted average return on equity was 26.74%. Total profit was RMB 99,041,551,750.11. On a sequential basis, the company said third-quarter revenue rose about 19.30% from the prior quarter, total net profit was about RMB 88.98 billion, up about 19.38%, and gross margin was about 89.53%, up about 1.94 percentage points from the prior quarter.
Nine-Month Results and Cash Flow
Revenue for the first nine months of 2026 was RMB 269,024,106,510.18, up 738.51% as printed, against RMB 32,083,668,103.24 in the same period of 2025. Net profit attributable to shareholders was RMB 132,040,054,067.23, versus a loss of RMB 5,279,974,921.47 a year earlier, and total net profit including minority interests was RMB 196,532,288,837.68. Nine-month basic earnings per share were RMB 2.1369.
Net cash generated from operating activities was RMB 254,751,254,805.69, up 1,864.52% as printed, an increase the report attributes mainly to higher cash received from product sales. Research and development investment totaled RMB 11,070,998,856.61 for the nine months, up 73.03%, and RMB 4,211,514,375.97 for the quarter, up 53.83%; R&D spending equaled 4.12% of nine-month revenue, down 15.82 percentage points. The report states that new product launches and customer introductions progressed during the period, with several DRAM products completing verification across multiple compute platforms.
Total assets stood at RMB 672,535,210,198.62 on September 30, 2026, up 99.69% from the end of 2025, and equity attributable to shareholders was RMB 256,876,312,185.38, up 352.62%. Monetary funds were RMB 285,164,795,853.74. The company reported 794,770 ordinary shareholders at the end of the period.
Report Cites DRAM Shortage as Revenue Driver
The report attributes the revenue increase to accelerating global compute-infrastructure construction and capacity constraints at major global memory suppliers, conditions it says left DRAM products in short supply worldwide; the filing says the company’s capacity build-out and product-mix optimization then lifted both sales volumes and selling prices. For profit, the report cites continued DRAM price increases amid the supply shortfall, higher shipment volumes, and falling unit costs as scale effects materialized, which together lifted gross margin.
The company published a voluntary earnings pre-announcement dated October 17, 2026, projecting nine-month revenue of RMB 265.0 billion to RMB 270.0 billion and attributable net profit of RMB 131.0 billion to RMB 132.5 billion, figures it described at the time as preliminary and unaudited. That notice said rapid growth in AI compute demand since the second half of 2025 had lifted the global DRAM industry, leaving products in short supply with prices rising sharply, while the company raised unit wafer output and capacity utilization. The same notice recorded revenue of RMB 32.084 billion and an attributable net loss of RMB 5.28 billion for the first nine months of 2025.
Board Approves RMB 1–2 Billion Buyback Plan
In a companion announcement, the company said its board approved a plan to repurchase between RMB 1 billion and RMB 2 billion of shares through centralized bidding, funded with the company’s own or self-raised funds, at no more than RMB 72.69 per share. The announcement states that the price cap equals 150% of the stock’s average trading price over the 30 trading days preceding the board resolution.
About half of the repurchased amount is earmarked for equity incentives or employee stock ownership plans and about half for cancellation to reduce registered capital. At the price cap, the plan would cover an estimated 13.76 million to 27.51 million shares, equal to 0.02% to 0.04% of total share capital. Implementation must begin within 12 months of shareholder approval, and only after the stock has been listed for six months; the plan still requires a shareholder vote.
The plan follows a proposal from chairman Zhu Yiming that the board received on October 16, 2026. The announcement states that the RMB 2 billion maximum represents about 0.30% of the company’s total assets, 0.78% of net assets attributable to shareholders, and 0.70% of monetary funds as of September 30, 2026, based on unaudited figures.
Impairment Charge and November Earnings Call
A separate announcement recorded RMB 920,820,520.75 of impairment losses for the first nine months of 2026, reducing nine-month total profit by the same amount. The charge consists of credit impairment of RMB 38,016,457.21 and asset impairment of RMB 882,804,063.54, the latter split between inventory write-downs of RMB 470,392,194.57, construction in progress of RMB 297,435,454.89, and fixed assets of RMB 114,976,414.08. The impairment figures are unaudited.
The company will hold its third-quarter earnings presentation on November 17, 2026, from 15:00 to 16:00 as an online text session on the Shanghai Stock Exchange’s roadshow platform, according to a meeting notice. Investors may submit questions in advance from November 10 until 16:00 on November 16, 2026, and the notice states that the general manager and other executives will attend.
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